The Government shouldn’t be surprised at this news. The sad part is that they are:
The median asking price for a rental increased 6 percent in the year to March, new data from Trade Me shows.
It’s the highest year-on-year increase since 2018, and the figure – $540 a week – is the equal-highest on record.
“We’re not seeing any let-up in the foreseeable future either – demand is high and supply isn’t keeping up,” said Trade Me property sales director Gavin Lloyd. “Chances are the record high national rent price will be broken in the near future.”
Every region saw its median weekly rent increase in the past year. Hawke’s Bay led the way, asking prices rising 13.8 percent to $535 – an all-time high.
“Close behind were the year-on-year increases seen in Taranaki (12.5 percent) at $450 and Manawatu/Whanganui (10 percent) at $440,” said Lloyd.
Rising prices are being driven by a 28 percent increase in demand, well ahead of the 17 percent increase in supply.
“After two consecutive months of supply outweighing demand, we saw the tables turn in March, with demand once again overtaking supply and putting pressure on the market, causing rental prices to climb.”
When you attack landlords, increase their costs and then bring in a punitive tax regime, you shouldn’t be surprised at all that rents are soaring.
The kiddies are literally in charge. The mess they are creating is immense. Things are not going to end well.
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